BMI View: Despite the country's calls for cheaper pharmaceutical access, we maintained that China will be a highly attractive market for pharmaceutical players. In addition, its strong pharmaceutical and medical devices trade in 2011 and in the first quarter of 2012 highlight that the general weakness in its macroeconomic has not filter down to the sector and instead the sector performance will largely hinge on the country's healthcare reform plans and the subsequent release of its Second National Essential Drug List this year.

Cotton wool/buds/pads remained a very mature and saturated category within tissue and hygiene in Germany in 2011, and the low growth in current value terms has to be seen as a success rather than a failure. There is a lack of growth opportunities on the one hand, and competition from other categories, especially personal wipes and cosmetic wipes, on the other. Wipes are of greater interest to manufacturers, as they offer more opportunities regarding new product development, as well as marketing...

Eye care remained small in size in the Netherlands, due to relatively low levels of promotion and new product development. In 2011, current value sales continued to grow due to higher demand from consumers who seek a solution for eye irritation. High exposure to computer and phone screens is triggering cases of eye irritation but promotional activity remained low when compared with other consumer health categories.

Menswear volumes are set to grow in 2012 for the first time since 2008, as inflationary pressures on the market ease and men take more of an interest in fashion, style and their personal appearance. In 2011 visitor share in menswear reached its lowest level since 2007, but as the economy begins to show signs of recovery, new trends in menswear will offer major opportunities to retailers.

Datamonitor conducted a primary research survey of 140 psychiatrists across the seven major markets on their schizophrenia treatment choices and prescribing habits. A greater understanding of unmet needs and the factors that influence the prescription of drugs will aid companies in effectively positioning their treatments in the increasingly competitive schizophrenia market.

The two major direct selling companies in Bulgaria - Avon Bulgaria and Oriflame Bulgaria - have traditionally been the leaders in colour cosmetics. In 2008, however, Oriflame Bulgaria fell from second to third position with L'Oreal Bulgaria occupying second place; In 2011, Avon Bulgaria falls from first to fourth, with L'Oreal Bulgaria assuming top spot and Oriflame Bulgaria back in second, in retail value share terms.

BMI View: Romania's commercial banking sector is likely to struggle by way of growth and profitability in the coming quarters. Beleaguered European parent banks and Romanian subsidiaries' dependence on external funding is likely to curtail credit growth, while the sector's exposure to foreign currencydenominated loans poses a risk to systemic stability. As domestic banks repair their balance sheets in the medium term, we expect profitability to suffer. We maintain our downbeat outlook for the Romanian commercial banking industry. The high proportion of western European banks operating in the country and their Romanian subsidiaries' dependence on external funding is likely to weigh on credit extension. Concurrently, as the Romanian economy slows, with the eurozone sovereign debt crisis weighing on the country's trade and investment outlook, demand for credit is also set to cool, while domestic sources of funding will also become harder to come by. The domestic banking sector's high exposure to foreign currency (FX) loans (around 64% of total loans), is also likely to curtail credit growth. As Romanian banks look to repair their balance sheets in the coming quarters, we have revised down our 2012 and 2013 loan growth forecast to 1.25% and 3.00% respectively, from 1.50% and 3.80% previously. Data from the Bank of International Settlements (BIS) for Q311 show the Romanian banking sector's dependence on external, and particularly European, funding. European banks' foreign claims on Romania comprise around 88% of total banking sector assets, with Austrian banks making up around 32% of total banking sector assets. The recent signing of the Vienna Initiative 2.0 agreement is likely to provide some respite for Romania's domestic banks, as western European parent banks are less likely to cutback subsidiary funding. However, the high proportion of peripheral eurozone banks operating in Romania, with Greek and Italian banks' foreign claims as a percentage of total banking sector assets standing at a high 16.0% and 11.3% respectively in Q311, underpins our bleak outlook for the industry. Recent data from the National Bank of Romania (NBR) show that the percentage of banking sector assets held by foreign-owned institutions has continued to decline to 83.1% in Q411, from 84.6% in Q311. Although this figure remains very high and reinforces our view that an all out withdrawal of core eurozone banks from Romania is an unlikely outcome, (see our online service, January 23, 'Credit Crunch Risks To the Fore'), we continue to expect peripheral banks to limit their loanbook exposure to Romania. Greek lender Piraeus Bank has already seen its assets in Romania decline by 9.4% year-onyear (y-o-y) year-to-date in September. As a number of embattled Greek banks, such as Alpha Bank, struggle to maintain profitable operations in the months ahead, we expect eurozone peripheral bank deleveraging to continue. As a result, we have revised down our asset growth forecast for 2012

Our Malaysia freight outlook remains comparable to last quarter, with subdued economic growth holding back transport demand. However, the release of new official freight volume data for past years has caused us to rework some current estimates and forecasts; in addition we continue to monitor a range of downside risks. On economic growth, we still take a below-consensus position, stressing the dampening effects of lower demand from the country's key export markets such as Singapore, the US, and China. We also note structural changes within the country that are shifting the drivers of growth from outward-facing exports to inward-based consumer demand, and from manufacturing to services.

The South Korea Real Estate report examines the Commercial Office, Retail, Industrial and Construction segments in the context of a slowing economy vulnerable to international macroeconomic headwinds. With a focus on the principal cities of Daegu, Busan and Seoul, the report covers the city-state's rental market performance in terms of rates and yields and examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the country's selection as host of the 2018 Winter Olympics placing South Korean real estate sector back under the spotlight. The successful bid will see a renewed focus on the sector over the coming years in the lead up to the main event. More-likely-than-not, South Korea will also see a general increase in tourist arrivals as a result. In turn, this trend will prove to be a long-term boon to the construction and property industries. All of this, of course, will be taking place under the watchful eye of the investment community, in South Korea and overseas. In light of this, BMI has updated its quarterly South Korea Real Estate Report accordingly to meet this heightened interest in the sector, incorporating newly collected data covering the opening 6 months of 2012.

BMI's latest Germany Metals Report predicts that the German steel market is losing momentum and that steel-makers are likely to review their operations in the country over coming months, with the likelihood of temporary blast furnace closures and reduced output.

BMI View: Hungary is faced with modest power demand growth, relatively high electricity pricing and some tough decisions over the timing and type of supply expansion programme it is to implement. It harbours long-term ambitions to export surplus power to Germany, but this requires an early decision on nuclear capacity investment. The life of existing reactors looks set to be extended, but new units are almost certain to be added. A concerted effort is also underway to enlarge the country's renewables capability, but progress is slow relative to the country's European peers.

BMI's latest UAE Defence & Security Report for Q4 2012 examines the country's strategic position in the Middle East and the wider world. It provides an overview of the contemporary geopolitical challenges facing the country, and the challenges it may face in the future, especially in the context of tensions with Iran and of the Arab Spring.

This Vietnam Defence and Security Report examines the country's strategic position in South-East Asia and the wider world. It provides an overview of the contemporary geopolitical challenges facing the country, and the challenges it may face in the future.

BMI View: We continue to hold our subdued outlook for the Lithuanian pharmaceuticals market during the next few years, on account of the changing economic and demographic situation. While volume demand will be pushed up by the country's ageing population and its morbidity profile, public contribution to healthcare spending will continue to decline, with fiscal austerity measures expected to remain in place for the foreseeable future. We therefore forecast generic medicines' value share of the total market rising from 41.8% calculated for 2011 to over 45.5% in 2016.

BMI View: Kuwait IT spending is expected to reach US$913mn in 2012, up 6%, with BMI downwardly revising its forecast due to macroeconomic factors. Kuwait, the third-largest computer market in the Gulf, reported strong PC sales in 2011, and local IT spending should continue to provide opportunities for IT vendors over our five-year forecast period. Drives will include government projects, population growth, and strong demand from the construction and oil and gas sectors.

BMI View: Indian IT spending is expected to reach US$20.3bn in 2012, up 14%, with government IT procurements at state and federal level helping to generate spending. Despite a dip in Q411, due largely to exogenous factors, India's potentially vast IT market appears set to continue a strong recovery in 2012 owing to a growing economy and healthy consumer sentiment. Realisation of the market's long-term potential depends on raising India's low computer penetration and the government's ambitions to connect the vast rural areas to the outside world. The next layer of tier-3 and tier-4 towns, beyond the top 75 cities in India, is expected to be the major growth driver for the next few years, due to rising PC penetration.

BMI View: In spite of the volatile licensing and regulatory environment, Ecuador continues to attract some international investment and is pumping its own cash into field development in order to slow a decline in output and ward off falling oil exports. There is, however, limited scope for sustained volume growth.

GlobalData's "Mining Quarterly Deal Analysis: M&A and Investment Trends - Q2 2012" report is an essential source of data and trend analysis on mergers and acquisitions (M&As) and financings in the mining industry. The report provides detailed information on M&As, equity/debt offerings, private equity (PE), and partnership transactions registered in the mining industry in Q2 2012. The report provides detailed comparative data on the number of deals and their value in the last five quarters segregated into deal types, segments, and geographies. Besides, the report provides information on the top advisory firms in the mining industry.

GlobalData's report, 'Mining Market in Western Africa - Growth Built around Infrastructure Development and Capital Investment in Gold and Iron Ore Mining' provides key information and analysis of the West Africa regions mining industry. The report covers the industry's drivers and restraints, production, reserves, and details of fiscal terms governing the mining sector of different countries in West Africa.

"Planned Oil and Gas Pipelines - Global Market Analysis, Competitive Landscape and Major Projects to 2016", is the latest report from GlobalData, the industry analysis specialist, that analyzes the global planned oil and gas pipelines market. The report provides information about the global planned pipelines market until 2016. The report gives information on planned pipeline lengths by the top five countries and the top five companies in each region. It also covers key planned pipeline projects in each region. The report also provides key trends and issues in the pipeline industry. The report is built using the data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.

GlobalData's clinical trial report, "Malaria Global Clinical Trials Review, H1, 2012" provides data on the Malaria clinical trial scenario. This report provides elemental information and data relating to the clinical trials on Malaria. It includes an overview of the trial numbers and their recruitment status as per the site of trial conduction across the globe. The databook offers a preliminary coverage of disease clinical trials by their phase, trial status, prominence of the sponsors and also provides briefing pertaining to the number of trials for the key drugs for treating Malaria. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.

This profile is the essential source for top-level energy industry data and information. The report provides an overview of each of the key sub-segments of the energy industry in Ukraine. It details the market structure, regulatory environment, infrastructure and provides historical and forecasted statistics relating to the supply/demand balance for each of the key sub-segments. It also provides information relating to the crude oil assets (oil fields, refineries, pipelines and storage terminals) in Ukraine. The report compares the investment environment in Ukraine with other countries in the region. The profiles of the major companies operating in the crude oil sector in Ukraine together with the latest news and deals are also included in the report.

GlobalData's report, Polycarbonate Industry Outlook in the US to 2016 - Market Size, Company Share, Price Trends, Capacity Forecasts of All Active and Planned Plants provides an in-depth coverage of the US Polycarbonate industry. The research presents major market trends affecting the Polycarbonate industry in the US. The report covers the US Polycarbonate plants and presents installed capacity by process and technology. In addition, it presents Polycarbonate demand and production forecasts, end use demand forecasts, price trends, trade balance data and company shares of the major Polycarbonate producers in the US. Overall, the report presents a comprehensive coverage of the US Polycarbonate industry including all the major parameters.